NEW YORK-Comverse Technology Inc. reported its second quarter fiscal year results, which include a net loss of almost $12.7 million, far below the year-ago quarter’s net income of $50 million.
Including non-recurring gains and charges, relating to the write-down of investments and work force reductions, the company posted a net income of $3.9 million compared with the year-ago-quarter’s net income of $27.9 million. In addition, sales for the quarter totaled $181 million, down from the year-ago quarter’s $345 million in sales.
“Our second quarter results reflect the different dynamics that are currently impacting the markets we serve,” explained Kobi Alexander, chairman and chief executive officer. “Our Comverse and Ulticom divisions, which together comprised the vast majority of Comverse Technology’s second quarter sales, continued to post revenue declines, as the severe global telecommunications capital spending slowdown persists.”
